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JV Breaks Ground on $2B Mixed-Use Development in Somerville

US2, a joint venture between Magellan Development; RAS Development LLC; Cypress Equity Investments and USAA Real Estate has broken ground on USQ, a $2 billion, 15-acre mixed-use development in Boston’s Somerville neighborhood.

The project, which totals 2.4 million square feet, has been in development for decades, according to the team behind the project. The project is slated to include 1.2 million square feet of office and life sciences space, 1,000 apartment units and 140,000 square feet of ground floor retail. In addition, the project also calls for nearly four acres of public space. The first building at USQ, 10 Prospect Street, is due for completion in the fourth quarter of 2022.

A groundbreaking ceremony for the project was held July 21. JLL is serving as leasing agent for the lab and office portions of the project, while Boston-based Graffito SP has been tapped to handle the retail leasing.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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